Citigroup Inc Chief Executive Vikram Pandit has done a tremendous job at the bank, the bank's chairman said on Monday in an interview with Bloomberg Television.

I think Vikram's done a tremendous job and he has not been given the credit that I think is due -- him and his team, Richard Parsons said.

We fell into a pretty deep hole and I think it's clear to the markets now that Citi is climbing out of that hole, he added. Vikram has led that effort.

Parsons said that Pandit, whose reputation has revived since the bank required three different government rescues in 2008 and 2009, had the support of the bank's board.

He has my personal gratitude, Parsons added, noting that Pandit has received only nominal pay for most of his tenure at the bank. He's worked as hard as anyone could.

Pandit's tenure at the bank has been rocky, with some employees complaining about him working with a small coterie of colleagues he worked with at Morgan Stanley earlier in his career.

(Reporting by Christian Plumb; editing by Andre Grenon)